In the result, the appeal filed by the revenue is dismissed
Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Bleassessment Year: 2022-23 The Income Tax Officer, Vs. Phoenix Infraventures & Projects Private Limited, Ward – 16(1), Hyderabad. Hyderabad. Pan No.Aafcp5499L. (Assessee) (Respondent) Assessee By: Shri R. Mohan Kumar, Advocate Revenue By: Shri B. Bala Krishna, Cit-Dr Date Of Hearing: 24.12.2024 Date Of Pronouncement: 24.02.2025
Section 68 of the Act, the assessee needs to prove the identity of the investor company, genuineness of the transactions, and creditworthiness of the investor company. Further, the assessee also needs to prove the source of source of the investor company. Once the assessee proves the identity, genuineness of the transactions, and creditworthiness of the creditor, then the onus shifts